PRAIA, Cape Verde, December 8, 2025: Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, today announced the inauguration of the expanded Cabeollica wind farm and battery energy storage system (BESS) in Cape Verde. This achievement was made possible by AFC’s EUR 55 million bridging loan provided in 2024. The ceremony was held as follows. This policy by Prime Minister Ulises Correia e Silva marks a major step forward in the country’s renewable energy ambitions.
AFC’s early funding enabled rapid implementation, bringing the expansion and BESS online faster to strengthen grid stability, support renewable energy integration, and advance Cape Verde’s emissions reduction and energy security goals. The expansion will provide Santiago with 13.5 MW of new wind power generation capacity, as well as 26 MWh of battery storage across four islands, significantly enhancing the stability and resilience of Cape Verde’s national electricity grid. BESS is already contributing to improved frequency regulation and increased adoption of renewable energy, reducing curtailment and strengthening energy security across the archipelago.
Since 2010, AFC has been a majority investor in Cabeolica SA, helping it evolve into one of the strongest corporate institutions in Cape Verde and the first commercial-scale renewable PPP in sub-Saharan Africa. Over the past decade, the company’s 25.5MW wind farms across four islands have generated more than 800,000 MWh of affordable electricity, contributing approximately 25% of the country’s total electricity generation and offsetting more than 560,000 tonnes of CO₂ emissions. This new phase further strengthens Caveolica’s role as a cornerstone of the country’s clean energy system.
The newly opened BESS is expected to have a storage capacity of nearly 30MW upon final completion in January 2026, and could represent a major step forward in stabilizing Cape Verde’s electricity grid, enabling further integration of intermittent renewable energy and reducing dependence on imported fossil fuels. AFC’s bridge financing is critical to fast-tracking construction activities and ensuring alignment with the government’s clean energy supply schedule, while long-term financing from senior financial institutions such as the African Development Bank and the European Investment Bank is being finalized.
“From the early days of the Caveolica project to this milestone launch, AFC’s mission has remained steadfast: to accelerate renewable energy solutions that enhance the reliability and resilience of power systems across Africa,” said Samaira Zubair, President and CEO of Africa Finance Corporation. “Our innovative financing has accelerated this expansion, and the successful integration of new wind power generation with the continent’s most advanced grid-stabilized battery storage system is a clear testament to AFC’s position as Africa’s leading infrastructure solutions provider,” he added.
Ayotunde Anjorin, Chairman and AFC Chief Financial Officer, said: “As the first renewable energy commercial-scale PPP in sub-Saharan Africa, Cabeolica is partnering with AFC to lead this transformational expansion project, which includes additional wind generation and battery energy storage. “This project underscores Cabeolica’s deep commitment to delivering reliable and clean energy infrastructure that is in line with national goals and priorities and continues to set an imitable model for African countries.” region”
AFC is committed to accelerating Africa’s energy transition by deploying capital, expertise and innovative solutions that strengthen grids, strengthen energy security and drive climate-resilient growth across Africa. Most recently, Infinity Power, a portfolio company of Africa’s largest independent renewable energy provider, reached completion of construction on the 200MW Ras Ghaleb wind farm in Egypt, which will power more than 300,000 homes.
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